“These are our dark times, but I can see that ray of light,” This week, Scott Morrison’s words ushered in the dismal announcement of a further 227,000 jobs lost between April and May, boosting the total job loss to 835,000 and unemployment rates to 7.1%. These statistics are particularly amplified for young Australians over whom …
Manufacturing goes beyond creating job opportunities… Within the realms of universities and schools, it is taught that manufacturing is a sunset industry within Australia because our lack of competitive advantage means the costs outweigh the benefits. The statistics agree with manufacturing going from 28% of GDP in 1960 to 6% of GDP in 2019.
Let’s start off with a BANG! The -0.3% growth in the March quarter prompts Josh Frydenberg to announce that “Australia had entered its first recession in 29 years. As the ABS data below shows the March quarter’s negative figure, growth prediction for the June quarter isn’t looking positive.
RBA maintains steady course amid rough economic waters. Amid a tumultuous couple of months in the Australian economy, RBA Governor Phillip Lowe has announced they have maintained the cash rate at the record breaking low of 25 basis points. This coincides with reports that consumer confidence under the Westpac Bank Consumer Sentiment Index has increased …
Not sure if this is just a me problem, but I’ve always wondered what the environment had to do with economics. It has its own category in the federal budget, it’s being taught in the HSC syllabus, and it’s policies have copped me a $200 fine for fishing without a fishing licence 🙁 Before the environmentalists …
Why should the economy care about the environment? Read More »
“Human beings are social creatures – not occasionally or by accident but always” Economic Recession. Global Depression. Corona-obsession. Perhaps, the scariest corollary of COVID-19 isn’t the negative slopes of market trends, but the fraying of social ties that are hardwired into who we are as people. It’s the ‘social recession’. If we blow away the …
Lonely, lazy and unwilling to spend – it’s the social recession. Read More »
Negative US oil prices!? Yep, you heard it right. The coronavirus has been the cause of the deepest fall in demand for the past 25 years. The downturn of major economies as consumer confidence lays low, in combination with the minimisation of travel, has wiped out oil demand. Nonetheless, oil producers have continuously supplied excess …
Australia gets rekt by the IMF as they predict how the economy would reduce by 6.7% this year, while unemployment would average 7.6 %. With the rest of the world by our side, the IMF further predicts that the state of the global economy isn’t exactly peachy either. With a decrease of 3%, this contraction …
Markets returning to normalcy The Australian share market has mounted an impressive comeback, lifting by 3.5% despite a two-day losing streak. At the epicentre of market increases are the banks, which accounted for a third of total gains. This follows the Australian Prudential Regulation Authority (APRA) advising banks to take a regulatory approach to COVID-19 …
Record breaking cash rate cuts and unprecedented stock market collapses- COVID-19 has wreaked havoc on all aspects of the economy. While people fight over line positions at their local Centrelink and crash government websites to get through these uncertain times, it is clear that one issue supersedes all others. That being, the closure of sports …
When Balls Stop Rolling, So Too Does the Economy Read More »
